India's Vardhman Textiles falls as Sept-qtr profit tanks

Vardhman Textiles

28/10/2022 08:49

** Shares of Vardhman Textiles  VART.NS  fall as much as
6.44% to 316.15 rupees, mark sharpest intraday pct loss since
May 25
    ** Stock hits lowest level since Sept. 26, on track for a
fifth consecutive session of loss
    ** Co on Friday said Sept-qtr consolidated net profit
plunged 57.44% Y/Y to 2.05 bln Indian rupees ($24.87 million)
    ** Cites rise in total expenses mainly on account of
increased input costs
    ** Revenue from operations rose 3.54% Y/Y to 24.70 bln
rupees, but was down 12.17% sequentially 
    ** More than 613,000 shares change hands by 0703 GMT, 1.4x
30-day avg of 447,318 shares
    ** Three of the 4 analysts covering the stock have a "strong
buy" rating, while 1 has "hold;" median PT is 376 rupees -
Refinitiv 
    ** Stock down 27.13% YTD, as of last close
 ($1 = 82.4180 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))